PTC Therapeutics Q2 2024 10-Q Filed

TL;DR

PTC Therapeutics Q2 10-Q is in: $1.6B in assets as of June 30, 2024.

AI Summary

PTC Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $1.6 billion as of June 30, 2024. This filing provides an update on the company's financial position and operational performance for the second quarter of 2024.

Why It Matters

This filing provides investors with crucial financial data and operational updates for PTC Therapeutics, Inc., impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, PTC Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• $1.6B — Total Assets (As of June 30, 2024)

Key Players & Entities

• PTC THERAPEUTICS, INC. (company) — Filer
• 500 WARREN CORPORATE CENTER DRIVE (location) — Business Address
• WARREN (location) — City
• NJ (location) — State
• 07059 (location) — ZIP Code
• 9082227000 (phone_number) — Business Phone
• $1.6 billion (dollar_amount) — Total Assets as of June 30, 2024

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share PTCT Nasdaq Glo

Filing Documents

• tmb-20240630x10q.htm (10-Q) — 2818KB
• tmb-20240630xex10d1.htm (EX-10.1) — 444KB
• tmb-20240630xex10d2.htm (EX-10.2) — 76KB
• tmb-20240630xex31d1.htm (EX-31.1) — 11KB
• tmb-20240630xex31d2.htm (EX-31.2) — 10KB
• tmb-20240630xex32d1.htm (EX-32.1) — 6KB
• tmb-20240630xex32d2.htm (EX-32.2) — 6KB
• tmb-20240630xex10d2001.jpg (GRAPHIC) — 1KB
• tmb-20240630xex10d2002.jpg (GRAPHIC) — 1KB
• 0001070081-24-000017.txt ( ) — 14748KB
• tmb-20240630.xsd (EX-101.SCH) — 86KB
• tmb-20240630_cal.xml (EX-101.CAL) — 79KB
• tmb-20240630_def.xml (EX-101.DEF) — 423KB
• tmb-20240630_lab.xml (EX-101.LAB) — 805KB
• tmb-20240630_pre.xml (EX-101.PRE) — 645KB
• tmb-20240630x10q_htm.xml (XML) — 3068KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 62

Controls and Procedures

Item 4. Controls and Procedures 62

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 65 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about: our ability to negotiate, secure and maintain adequate pricing, coverage and reimbursement terms and processes on a timely basis, or at all, with third-party payors for our products or product candidates that we commercialize or may commercialize in the future; our ability to maintain our conditional marketing authorization for Translarna TM (ataluren) for the treatment of nonsense mutation Duchenne muscular dystrophy, or nmDMD, in the European Economic Area, or EEA, including whether the European Medicines Agency, or EMA, determines in the re-examination process of the Committee for Medicinal Products for Human Use's negative opinion for the renewal of the conditional marketing authorization of Translarna that the benefit-risk balance of Translarna authorization supports renewal of such authorization, or our ability to identify other potential mechanisms by which we may provide Translarna to nmDMD patients in the EEA; our ability to maintain our marketing authorizations in other jurisdictions in which Translarna has been approved; our ability to utilize results f

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PTC Therapeutics, Inc. Consolidated Balance Sheets (unaudited) In thousands (except shares) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 654,779 $ 594,001 Marketable securities 438,514 282,738 Trade and royalty receivables, net 187,150 160,822 Inventory, net 31,826 30,577 Prepaid expenses and other current assets 45,641 150,491 Total current assets 1,357,910 1,218,629 Fixed assets, net 65,987 87,089 Intangible assets, net 329,879 379,497 Goodwill 82,341 82,341 Operating lease ROU assets 57,135 91,896 Deposits and other assets 23,103 36,246 Total assets $ 1,916,355 $ 1,895,698 Liabilities and stockholders' deficit Current liabilities: Accounts payable and accrued expenses $ 338,800 $ 391,983 Deferred revenue — 801 Operating lease liabilities- current 13,714 13,002 Finance lease liabilities- current 2,292 3,000 Liability for sale of future royalties- current 254,997 194,314 Total current liabilities 609,803 603,100 Long-term debt 284,806 284,213 Contingent consideration payable 21,300 36,300 Deferred tax liability 55,911 55,905 Operating lease liabilities- noncurrent 79,118 97,627 Finance lease liabilities- noncurrent 15,574 17,184 Liability for sale of future royalties- noncurrent 1,829,883 1,619,783 Other long-term liabilities 141 141 Total liabilities 2,896,536 2,714,253 Stockholders' deficit: Common stock, $ 0.001 par value. Authorized 250,000,000 shares; issued and outstanding 76,900,123 shares at June 30, 2024. Authorized 250,000,000 shares; issued and outstanding 75,708,889 shares at December 31, 2023. 76 75 Additional paid-in capital 2,510,574 2,466,233 Accumulated other comprehensive loss ( 16,498 ) ( 1,285 ) Accumulated deficit ( 3,474,333 ) ( 3,283,578 ) Total stockholders' deficit ( 980,181 ) ( 818,555 ) Total liabiliti

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) June 30, 2024 In thousands (except share and per share amounts unless otherwise noted) 1. The Company PTC Therapeutics, Inc. (the "Company" or "PTC") is a global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to innovate to identify new therapies and to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines. PTC's mission is to provide access to best-in-class treatments for patients who have little to no treatment options. PTC's strategy is to leverage its strong scientific and clinical expertise and global commercial infrastructure to bring therapies to patients. PTC believes that this allows it to maximize value for all of its stakeholders. PTC has a diversified therapeutic portfolio pipeline that includes several commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focused on the development of new treatments for multiple therapeutic areas for rare diseases relating to neurology and metabolism. The Company has two products, Translarna (ataluren) and Emflaza (deflazacort), for the treatment of Duchenne muscular dystrophy ("DMD"), a rare, life threatening disorder. Translarna has marketing authorization in the European Economic Area (the "EEA") for the treatment of nonsense mutation Duchenne muscular dystrophy ("nmDMD") in ambulatory patients aged two years and older. Translarna also has marketing authorization in Russia for the treatment of nmDMD in patients aged two years and older and in Brazil for the treatment of nmDMD in ambulatory patients two years and older and for continued treatment of patients that become non-ambulatory, as well as in various other countries. Emflaza is approved

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